UMW Holdings Bhd will set a minimum indicative IPO price of RM3 a share for its oil and gas unit in an offering that is expected to raise up to US$1 billion (about RM3 billion), two sources with direct knowledge of the matter told Reuters on Wednesday.
The IPO, expected by the fourth quarter, would be Malaysia's largest this year after independent power producer Malakoff Bhd announced in May it was delaying its debut until next year.
The offer is for Bumiputeras and other indigenous people in Malaysia.
The final pricing for all investors will be determined after bookbuilding expected some time in the fourth quarter.
The offer opened on Monday and will close at 12 noon on July 16, said the sources, who declined to be indentified as the details of the deal were still private.
UMW officials were not immediately available to comment.
The company, which has been working on the listing of its offshore, drilling and oil-field services arm for the unit since 2007, has not said how much it plans to raise from the IPO but sources put the offering's value at up to $1 billion. - Reuters, July 10, 2013.
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